Our solicitor has identified a defect with the lease for the property we are buying in Gloucestershire. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How does conveyancing in Gloucestershire differ for new build properties?
Most buyers of new build premises in Gloucestershire contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Gloucestershire tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Gloucestershire or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Gloucestershire ahead of appointing lawyers. I have been informed that there is a flying freehold element to the property. The surveyor has said that some mortgage companies tend refuse to issue a mortgage on a flying freehold home.
It varies from the lender to lender. HSBC has different instructions from Nationwide. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Gloucestershire. Conveyancing will be smoother if you use a solicitor in Gloucestershire especially if they are familiar with such properties in Gloucestershire.
I am looking into buying my first house which is in Gloucestershire and I am already nervous. I couldn't find anything specific about Gloucestershire. Conveyancing will be needed in due course but do you know about the Gloucestershire area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Gloucestershire. In the meantime here are some basic statistics that we found
How much experience do your Gloucestershire conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Gloucestershire conveyancing lawyers help thousands of people move home every year and assisted lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Gloucestershire conveyancers have worked on recent similar matters.